Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB provide additional guidance to help the mortgage industry implement the new TILA-RESPA Integrated Disclosures Rule that will become effective on August 1, 2015.… Continue Reading
rulemaking
CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule
By Marc Patterson on
On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015. The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents, software developers, and other stakeholders familiarize themselves with the rule’s architecture and its substantive and procedural disclosure requirements. … Continue Reading
Independent Research Could Improve the CFPB Rulemaking Process
By Kim Phan on
Recently, the Research Integrity Council (RIC) held its first Research Academic Forum, a panel discussion that focused on how independent academic research can help inform the agency rulemaking process, especially at the CFPB. As previously reported, the RIC’s objective is to ensure that good, quality research forms the basis for the rulemaking process. … Continue Reading
Elizabeth Warren and other congressional members urge rulemaking by the Department of Education re: regulating college/bank partnerships for debit/prepaid cards for student aid disbursement
By Glen P. Trudel on
On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its rulemaking authority to regulate, limit or outright ban certain practices when colleges enter into agreements with financial providers to offer debit cards, prepaid card and other products which are used for purposes of distributing federal student financial aid to students. … Continue Reading
CFPB payday loan proposal for rulemaking is coming, but timing of its publication remains unclear
By Glen P. Trudel on
At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address, which touched on a number of topics regarding current areas of interest of the CFPB and provided updates on where several of such initiatives are heading.… Continue Reading
CFPB Payday Loan Rulemaking is Imminent and Will Target Repeated Borrowing
By Heather S. Klein on
The CFPB has marshaled data against what it sees as a sustained use problem by payday loan borrowers and is “in the late stages” of drafting rules to limit payday loan borrowing, according to Director Cordray’s remarks prepared for today’s field hearing.
It appears that in the near future the Bureau will issue a notice of proposed rulemaking in which it concludes that repeated payday loan borrowing is “unfair” or “abusive” under the Dodd-Frank Act.… Continue Reading
Research Integrity Council Formed to Improve CFPB Rulemaking Process
By Kim Phan on
Last week, a group of representatives from across a variety of industries met to discuss the formation of a Research Integrity Council (RIC), the purpose of which will be to make recommendations to improve the quality and veracity of the research being conducted by the CFPB to inform its rulemaking process.… Continue Reading
CFPB issues aggressive rulemaking agenda
By Barbara S. Mishkin on
Posted in CFPB Rulemaking, Regulatory and Enforcement
The CFPB’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014. With most of the rulemaking mandated by the Dodd-Frank Act now completed, the agenda reflects the CFPB’s plans to focus on consumer products and services other than mortgages.
The CFPB’s rulemaking plans include prerule activities concerning payday loans and deposit advance products targeted for March 2014 and overdraft programs targeted for July 2014.… Continue Reading
More on the final RESPA-TILA integrated disclosures rule
By Karen M. Morgan on
As we previously reported, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule on November 20. The rule will be effective for applications received on or after August 1, 2015. The industry had urged the CFPB to provide a reasonable implementation period in view of the significant changes to systems and procedures necessary to implement the rule, on top of the implementation challenges presented by the other CFPB mortgage rules.… Continue Reading
CFPB issues guidance regarding counseling requirements for mortgages
By Karen M. Morgan on
Last week the CFPB issued an interpretive rule, bulletin, and press release instructing lenders on how to comply with the counseling requirements set forth in the new mortgage rules, which go into effect in January.
Although included along with the 2013 HOEPA Final Rule, the counseling requirement is set forth in an amendment to Regulation X under RESPA that applies to all federally-related mortgages, not just HOEPA loans. … Continue Reading